In 2023, mortgage interest rates in Canada increased for all types of mortgages. The interest rate for fixed mortgage interest rates for five years and more doubled, from 2.38 percent to 5.52 percent between December 2021 and December 2023. The higher borrowing costs led to the housing market contracting in 2022 and corrections of the property prices across the country.

In 2023, banks held over 80 percent of the mortgages outstanding in Canada. Mortgage Investment Entities (MIEs) and private lenders only had a market share of 1.62 percent. The average mortgage rate in Canada has increased notably since 2021. This has led to the housing market slowing and the value of mortgages outstanding to plateau.

Canada Conventional Mortgage: 5 Years: Weekly data was reported at 6.490 % pa in 05 Mar 2025. This stayed constant from the previous number of 6.490 % pa for 26 Feb 2025. Canada Conventional Mortgage: 5 Years: Weekly data is updated weekly, averaging 5.700 % pa from Jan 2000 (Median) to 05 Mar 2025, with 1314 observations. The data reached an all-time high of 8.750 % pa in 31 May 2000 and a record low of 4.640 % pa in 12 Jul 2017. Canada Conventional Mortgage: 5 Years: Weekly data remains active status in CEIC and is reported by Bank of Canada. The data is categorized under Global Database’s Canada – Table CA.M005: Conventional Mortgage Rate. [COVID-19-IMPACT]

This table contains data described by the following dimensions (Not all combinations are available): Geography (1 items: Canada ...).

In 2023, the total value of mortgage debt outstanding in Canada amounted to nearly 1.8 trillion Canadian dollars. Chartered banks held the largest share of mortgages outstanding.

This table contains 80 series, with data starting from 1982 (not all combinations necessarily have data for all years). This table contains data described by the following dimensions (Not all combinations are available): Geography (1 item: Canada); Mortgages (4 items: Total, mortgage loans outstanding; Mortgages in Canada outstanding; Mortgage loans outside Canada outstanding; Allowance for credit losses); Increases and decreases (15 items: Total, increases and decreases; Gross increase; Cash disbursement of principal; Purchases of mortgages from; ...); Type of mortgage (7 items: Total, mortgages; Total, residential mortgages; Residential mortgages, insured; Residential mortgages, uninsured; ...).

Toronto, Vancouver, and Montreal are Canada's largest mortgage markets. With nearly 419 billion Canadian dollars in mortgages outstanding, Toronto accounted for close to 23 percent of the country's 1.8 trillion Canadian dollar mortgage market. Toronto was also the metropolitan area with the second-highest average loan size for new mortgages.

This table contains data described by the following dimensions (Not all combinations are available): Geography (47 items: Canada; Atlantic provinces; Prince Edward Island; Newfoundland and Labrador ...), Type of unit (6 items: Total units; Single-detached units; Multiples; Semi-detached units ...).

This table contains 102 series, with data starting from 2013, and some select series starting from 2016. This table contains data described by the following dimensions (Not all combinations are available): Geography (1 item: Canada), Components (51 items: Total, funds advanced, residential mortgages, insured; Variable rate, insured; Fixed rate, insured, less than 1 year; Fixed rate, insured, from 1 to less than 3 years; ...), and Unit of measure (2 items: Dollars; Interest rate). For additional clarification on the component dimension, please visit the OSFI website for the Report on New and Existing Lending.

Quarterly non-bank residential mortgages extended by type of increase and new funds advanced by term to maturity, by insurance status, by lender type and number of mortgages, displayed in thousands of dollars, unless otherwise specified.

As of the third quarter of 2023, approximately one in four mortgage holders in Canada was between the age of 45 and 54. In comparison, people under the age of 25 with mortgage loan represented the just one percent of the total.

Quarterly non-bank outstanding residential mortgages by insurance status, amortization period, total debt service ratio, loan-to-value and, days in arrears, by lender type and number of mortgages, displayed in thousands of dollars, unless otherwise specified.

Canada Conventional Mortgage: 3 Years: Weekly data was reported at 6.540 % pa in 05 Mar 2025. This stayed constant from the previous number of 6.540 % pa for 26 Feb 2025. Canada Conventional Mortgage: 3 Years: Weekly data is updated weekly, averaging 4.495 % pa from Jan 2000 (Median) to 05 Mar 2025, with 1314 observations. The data reached an all-time high of 8.550 % pa in 31 May 2000 and a record low of 3.390 % pa in 13 Sep 2017. Canada Conventional Mortgage: 3 Years: Weekly data remains active status in CEIC and is reported by Bank of Canada. The data is categorized under Global Database’s Canada – Table CA.M005: Conventional Mortgage Rate.

The average mortgage payment across all Canadian metros declined in 2023. In the third quarter of the year, Vancouver and Toronto topped the ranking of highest mortgage payment costs. Homebuyers in Vancouver had to pay, on average, 2,410 Canadian dollars monthly, while in Toronto, the average monthly scheduled mortgage payment was 2,318 Canadian dollars. Canada’s housing market House prices in Canada vary widely across the country. In 2023, the average sales price of detached single-family homes in Vancouver was nearly three times as expensive as the national average. Vancouver is undoubtedly considered the least affordable housing market: In 2021, the cost of buying a home with a 25-year mortgage in Canada was approximately 45 percent of the median household income, whereas in Vancouver, it was nearly 64 percent. Development of house prices The development of house prices depends on multiple factors, such as availability on the market and demand. Since 2005, house prices in Canada have been continuously growing. According to the MSL composite house price index, 2021 measured the highest house price increase.

This table contains data described by the following dimensions (Not all combinations are available): Geography (22 items: Prince Edward Island; Canada; Newfoundland and Labrador; Atlantic provinces ...), Housing estimates (3 items: Housing starts; Housing completions; Housing under construction ...), Type of unit (6 items: Total units; Semi-detached units; Row units; Single-detached units ...).

Number of new mortgage holders in Canada and each of the provinces in 2016 and 2017. Organized by region and type of loan, such as new owners, second mortgages, refinancing and renewals. This table gives lenders and housing finance professionals an overview of the state of Canada’s mortgage market.

This table contains data described by the following dimensions (Not all combinations are available): Geography (86 items: Nova Scotia; Prince Edward Island; Canada; Newfoundland and Labrador ...), Type of dwelling unit (5 items: Total units; Row units; Single units; Semi-detached units ...), Type of market (5 items: Homeowner; Rental; Condo; Co-op ...).

This table contains 118 series, with data for years 1990 - 2015 (not all combinations necessarily have data for all years), and was last released on 2015-10-23. This table contains data described by the following dimensions (Not all combinations are available): Geography (47 items: Canada; Prince Edward Island; Atlantic provinces; Newfoundland and Labrador ...), Type of unit (6 items: Total units; Multiples; Semi-detached units; Single-detached units ...).

This table contains data described by the following dimensions (Not all combinations are available): Geography (47 items: Prince Edward Island; Atlantic provinces; Newfoundland and Labrador; Canada ...), Type of unit (6 items: Total units; Single-detached units; Semi-detached units; Multiples ...).

This table contains data described by the following dimensions (Not all combinations are available): Geography (11 items: Nova Scotia; Prince Edward Island; Newfoundland and Labrador; Canada ...), Housing estimates (3 items: Housing starts; Housing under construction; Housing completions ...), Type of unit (5 items: Total units; Single-detached units; Row units; Semi-detached units ...).